Finance History|Nasdaq MarketSite — Sixty-Eight Dollars That Opened at One Hundred Forty-Six
· 2020-12
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Finance History|Nasdaq MarketSite — Sixty-Eight Dollars That Opened at One Hundred Forty-Six
kevin
People treat Airbnb as a travel platform that always printed ABNB on a mature Nasdaq book.
The first public print was a pandemic-year home-rental company that had cut its private valuation to 18 billion U.S. dollars that spring.
Airbnb's own 9 December 2020 release priced 51,323,531 Class A shares at 68.00 U.S. dollars. The company sold 50,000,000 shares. Selling stockholders sold 1,323,531. The underwriters received a 30-day option on 5,000,000 more company shares.
Gross proceeds to Airbnb, before discounts, were expected at about 3.4 billion U.S. dollars in 2020 currency. The company received none of the selling-stockholder proceeds.
Morgan Stanley, Goldman Sachs and Allen and Company led the books.
The marketed range had started at 44-to-50 U.S. dollars, been lifted to 56-to-60, and then printed at 68.00.
Trading began on 10 December 2020 on the Nasdaq Global Select Market under the letters ABNB. CNBC recorded an open at 146.00 U.S. dollars and a close at 144.71, more than double the offer, for a first-day market capitalization of about 86.5 billion U.S. dollars.
The New York Times put the close-implied capitalization at 100.7 billion U.S. dollars on a fully diluted count and called the offering the year's largest.
The San Francisco rooms are a separate memory.
The pin is the Times Square MarketSite board that later carried the tape. The 2020 print itself ran on Nasdaq's electronic book, not inside a visitor studio.
The mechanism is a cash IPO that priced through two range lifts in a travel collapse and still opened more than 100 percent above the offer.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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